UK Finance proposes payments tax to compensate fraud victims

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Banking lobby UK Finance has floated the idea of imposing a universal tax on funds transfers which banks could dip into to compensate victims of push payments fraud.

Push payments fraud, which happens when businesses or individuals are conned into sending money to a fraudulent account to pay for goods or services, has become a political hot potato in UK financial circles.

Statistics released by UK Finance show that, in the first half of 2018, consumers lost £92.9 million because of this type of fraud.

The UK’s Payment Systems regulator has been working with banks and consumer groups to develop an industry code for reimbursing victims of APP scams.

Last month saw the publication of a draft voluntary code drawn up by a steering

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